Problem: after I towed the boat home from the lake yesterday, I observed that the wheels smelled hot and like brakes. There was lots of brake dust on wheels and grease coming out of the hubs from over heating. From checking the issue out, it appears the brakes are stuck on, though not so much that the wheels are locked. They still move with some hand effort, and I didn't notice a different pull coming home. Im guessing that the master cylinder is stuck? I have attempted to pull the actuator in and out; to no effect. I inspected the pads / rotors and the pads have an odd angled wear pattern to them. I admittedly have neglected the trailer / brakes over its 14 years, as I only trailer it 2 to 4 times a year or so, 100 miles max a year.

Look to see if the emergency cable has been pulled. This is the wire with the hook that you attach to the hitch in case the trailer breaks free from the tow vehicle. Once the cable has been pulled you have to manually release it. I've accidently done this by pulling away from the trailer without remembering to unhook the cable. If you have a swig tongue and have used it lately you could have pinched the line which would cause a similar situation also.

From there based on you're stated maintenance of the trailer you're pretty much going to have to tear into the actuator to see why it's not moving. There's not much going on in there. A master cylinder and a shock absorber pretty much make up the entire assembly.